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New York, November 15, 2012 -- Moody's Investors Service has assigned a Aa3 foreign currency senior unsecured debt rating to the proposed CNH-denominated two- year fixed rate notes to be issued by Banco Santander Chile (Santander Chile) under its $5.5 billion global medium term note program. The rating has a negative outlook in line with the rating of the program and its other senior debt ratings.

The following rating has been assigned:

Foreign currency senior unsecured debt rating: Aa3, negative outlook

RATINGS RATIONALE

Santander Chile's Aa3 foreign currency senior debt rating is derived from the bank's Aa3 global local currency rating and is therefore unconstrained by Moody's Aa1 country ceiling for bonds and notes. The rating incorporates the bank's C+ bank financial strength rating and a2 standalone baseline credit assessment (BCA), which receive two notches of uplift reflecting Moody's assumption of a very high probability of systemic support for the bank's obligations if needed. Because Santander Chile's BCA is higher than that of its parent bank, Banco Santander S.A., its deposit and debt ratings do not currently benefit from uplift due to parent support assumptions. Santander Chile's senior unsecured debt rating has a negative outlook in line with the outlook on its standalone ratings which in turn reflect the negative outlook on the parent's stand alone rating.

The last rating action on Santander Chile was on October 25, 2012, when Moody's downgraded the standalone bank financial strength rating to C+ from B-, lowered the baseline credit assessment to a2 from a1, and confirmed the local and foreign currency deposit and senior debt ratings at Aa3, with negative outlook, concluding the review for downgrade initiated on June 27, 2012.

The principal methodology used in this rating was Moody's Consolidated Global Bank Rating Methodology published in June 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Banco Santander Chile is headquartered in Santiago, Chile, and is one of Chile's two largest banks in terms of deposits and loans. The bank reported consolidated assets of US$52.5 billion and equity of US$4.4 billion as of September 30, 2012.

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